I see disruption as starting with accounts, then AUA, then revenue and finally later down the line profitability, as growth is prioritised over profitability. Lots of markets are wide open for neo-brokers e.g. new brokers are still launching in the UK despite being late to the party.
If Freetrade ended up with loads of wealthy clients they could add specific partner services which suit those clients needs and monetise that way. Larger clients will be more likely to pay for Alpha, SIPPs, generate more from FX and share lending etc